Influenced by internal and external factors，the downward pressure of China’s economy in 2018 is obvious，the external demand market is not optimistic，the manufacturing industry and real estate investment are under pressure，and consumption is still the main driving force of economic growth. Consistent with the macro-economy，the fluctuations of capital market，impairment of goodwill，pledge of equity and other issues have erupted centrally，and the performance of listed companies has been differentiated. In order to alleviate the problem of liquidity and high cost of enterprises，a number of national policies and measures have been introduced. The pace of capital market reform and opening-up has been accelerated. The joint efforts of internal reform and external opening-up have effectively alleviated the downturn of the economy and the operating pressure of listed companies. At the same time，they have also made high-quality listed companies with core competitiveness and through the cycle popular in the market. Looking forward to the future，with the opening of China’s reform and opening up door wider and wider，the construction of multi-level capital market system is steadily progressing，which will inject momentum into economic transformation and high-quality development.